Q. Consider the following statements::
1.India’s petroleum product exports to the European Union (EU) have significantly declined over the past few months.
2.India’s oil refining capacity is higher than its domestic demand which makes India a net exporter of petroleum products.
Select the correct option using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B
Notes:

Explanation –

Statement 1 is incorrect. India’s petroleum product exports to the European Union (EU) have grown over the past few months. It rose to 20.4% in the April-January period.

Statement 2 is correct. While India is one of the top consumers of crude oil, its refining capacity is higher than its domestic demand which makes India a net exporter of petroleum products.

Source: ForumIAS